But that did not cheer the industry experts who said they were disappointed because the TCS numbers came in line with, and did not exceed, their expectations. Usually, TCS beats expectations, they said.

International volume growth was encouraging at 2.1%, reinforcing the view that the next fiscal may well be better on the back of better discretionary spends with more opportunities for pricing uptake. Dipen Shah, head-private client group research, Kotak Securities, said, "The volume growth in international business is encouraging, and reflects effective demand-generation initiatives and efficient execution."
In the December quarter, TCS bagged eight deals across verticals, two of them over $50 million each.

The company reported operating margins of 29.7% for the quarter, lower than last quarter. The company attributed this fall to reinvestment of gains from margin into the business.

"Sustaining our investments in customer-facing initiatives globally, we have also been able to significantly increase our cash generation due to efficient working capital management," said Rajesh Gopinathan, TCS's CFO.

TCS also disappointed in terms of domestic volume growth, which came in at 1.8%, impacted by seasonality, rupee appreciation and a 9% slump in the Indian business.

In comparison, TCS's nearest rival, Infosys, has reported two quarters of high growth from India, including 8.1% in the December quarter.